SPX500: Elliott Analysis Close-up of possible Ending diagonal
SPX Bearish count close-up. After todays high, the SPX500 has completed all that it needs ,.... to start lower (IF IT WANTS TOO).
Bearish or bullish the SPX500 appears to be within a few weeks of a deeper correction.
We are trading lightly, holding a few long positions from last Thursday, with very tight stops and keeping correction cash available.
NOT in short mode YET, until conformation...Its very rare for three "DIP's", to follow the pattern of the previous,...The next "DIP" may be different, stay vigilant.
Bearish or bullish the SPX500 appears to be within a few weeks of a deeper correction.
We are trading lightly, holding a few long positions from last Thursday, with very tight stops and keeping correction cash available.
NOT in short mode YET, until conformation...Its very rare for three "DIP's", to follow the pattern of the previous,...The next "DIP" may be different, stay vigilant.
Many DOW and RUT stocks look completely oversold. Dollar may have one more leg up then likely lower, good for commodities who have also been beaten up lately.
So I wanted to show you a reasonable BULLISH count as well. Trade carefully. until there is a clear structure we are not out of the woods yet.